FORT WORTH-A Dallas developer, pushing a handful of projects in Fort Worth, has secured nearly $10 million in two loans for unrelated developments in north Tarrant County.
Don Silverman, president of Margaux Development Co., will get the 15-acre Highland Station moving with a $5.1-million loan and bring the 10-acre Shoppes at North Tarrant Plaza out of the ground with $4.9 million of financing. Todd McNeill with Metropolitan Capital Advisors Ltd. in Dallas tells GlobeSt.com that the financing--18-month loans with a three-year mini-perm--were placed with separate lenders, but cornered a floating rate that's one point over prime. McNeill and Metropolitan president Scott Lynn placed the deals with the Dallas officeof Birmingham, AL-based Colonial Bank.
Silverman says the first phase of Highland Station is ready to break ground. First to rise will be a 20,100-sf center with five pad sites, "for sale" or ground-lease locations, along FM 156 at the intersecting point for the proposed Basswood Boulevard. "In theory, it's close to 100% preleased," Silverman says as he talks about the push to the north by developers. "It's the first location for a grocery store that can sell beer and wine west of FM 377," he points out. Silverman's banked land for a grocery store, but plans to deliver the initial space in September.
The Shoppes at North Tarrant Plaza, now 55% preleased, will break ground in 30 days, Silverman says. The plan calls for 18,200 sf and five pad sites at the intersection of North Tarrant Parkway and Park Vista Boulevard. The non-anchored center, being filled with neighborhood-services tenants, could be ready for finish-out in late August.
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